The abstract reads: Capital controls can induce large and persistent deviations from the Law of One Price for cross-listed
stocks in international capital markets. A considerable literature has explored firm-specific factors which influence ADR
pricing when LOP is violated. In this paper, we examine the interlinkages between Indian ADR premiums and macro economic
time-series. We construct an ADR premium index, whereby diversification across firms diminishes idiosyncratic
fluctuations associated with each security. We find that the S&P 500 index and the domestic Nifty index influence the ADR Premium
Index. Positive shocks to the ADR premium index precede higher purchases by foreign investors on the domestic market, and
precede positive returns on the domestic index.

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